Today (on February 9th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans ended high overnight, but Dalian meal today is lack of volatility to rebound, of which domestic soybean meal spots are most stable amid some fluctuations, yet turnover turns light. Coastal soybean meal prices range from 2,850 to 2,920 yuan/tonne, a variation of 10-20 yuan/tonne in part as compared to yesterday (Tianjin prices 2,920 yuan/tonne, Shandong 2,850-2,880 yuan/tonne, Jiangsu 2,840-2,850 yuan/tonne, Dongguan 2,850-2,860 yuan/tonne, Guangxi 2,840-2,860 yuan/tonne). US soybean futures are fueled factored in market worries about parched Argentina and somewhat bearish supply and demand estimates report by USDA last night. In addition, soybean meal amounts to implement in contracts keep high amid lower soybean oil prices and processors’ support for meal. However, abundant supply of soybeans and finished stockpiles will not cause great price fluctuations even though some new prices may be offered. In general, domestic soybean meal prices may be strong the way ahead and vibrate in a tight range before holidays, but after holidays its performance may not be satisfying, therefore buyers had better maintain a proper inventory level instead of chasing high. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable, among which prices in coastal areas stand at 2,260-2,300 yuan/tonne (Guangxi offers 2,260 yuan/tonne; Guangdong 2,290 yuan/tonne; Fujian 2,300 yuan/tonne). Rapeseed meal stocks falls based on slashed operating rate for machine overhaul in some oil mills when holidays are approaching, which consequently eases stock pressure. Generally, short-lived supply declines give great momentum for soybean meal prices in domestic market due to large-scale machine halt in oil mills nationwide though its stocks still keep high, which accordingly boosts rapeseed meal in market. On the whole, rapeseed meal may vibrate following futures before the holidays. 

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet bargaining is confined to ranges and shipments at ports are light. Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 13,000-13,200 yuan/tonne; 13,700-13,900 yuan/tonne for Japanese SD with 67% protein content; 14,000-14,200 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,900 yuan/tonne; 13,700 yuan/tonne for Japanese SD with 67% protein content; 14,000 yuan/tonne for super steam fishmeal with 68% protein content. Fishing: till February 7th, about 43,453 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 8.12% of total quota-- 530,000 tonnes-- this season, among which 491,547 tonnes remain unfinished. Port stocks: Hangpu has 24,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 18,000 tonnes, Tianjin 1,000 tonnes, Dalian 3,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers (FOB) in the outer remain stable, in detail, the fishmeal offer for ordinary SD with 65% protein content in Peru stays at USD $1,820 per tonne, USD $1,980 per tonne for super steam fishmeal with 68% protein content; the offer in Chile ordinary SD with 65% protein content is USD $1,850 per tonne, USD $1,980 per tonne for excellent fishmeal with 68% protein content. Fishmeal holders and feed sectors are being on holidays one by one as Lunar New Year is around the corner, in this case, fishmeal in market may keep stable in light of poor market trades. 

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, soybeans at ports fail to be quoted and delivered, of which prices of most imported and distributed soybeans are stopped to report at Qingdao and Rizhao ports. Imported soybeans for distribution are markedly restricted in food-grade products circulation for port inspections, and in consideration of ample domestic soybean supply and large soybean arrivals, market players are not optimistic about its performance later. Attention should still be paid to port inspections and soybean arrivals. 

    Daily review on oils: US soybeans last nigh hit a two-week fresh high on CBOT on account that concerns over the Argentina's soybean supply tension overshadowed the bearish report released by the U.S. Department of Agriculture (USDA) monthly, accordingly, US soybean meal rose following the trail, but US soybean oil was seen dragged by weaker crude oil. Yet, oils on Dalian Commodity of Exchange today rise mildly as compared to former settlement though in real terms still run around the former ending level, of which most domestic soybean oil spot prices pick up and prices for some palm oil also edge higher, indeed, turnover is light in wake of finished stockpiling. Future upside of oils is far from satisfactory irrespective of stronger performance of US soybeans the time global stock markets are all going down, additionally, fragile fundamentals persist factored in soaring palm oil stocks and less soybean oil consumption based on ample soybean supplies, good crush margins and high operating rate. Frankly speaking, oils in market may probably run weak before the holidays, thereby buyers may as well take a hand-to-mouth purchasing strategy for the moment. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,510-5,620 yuan/tonne, up 20-40 yuan/tonne (Tianjin traders offer 5,580 yuan/tonne, Rizhao traders 5,620 yuan/tonne, Zhangjiagang traders 5,600 yuan/tonne, Guangzhou traders 5,510 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,070 to 5,160 yuan/tonne, some rising 10 yuan/tonne (Tianjin traders offer 5,160 yuan/tonne, being flat against yesterday; Zhangjiagang traders 5,150 yuan/tonne, keeping flat; Guangzhou traders 5,070 yuan/tonne; Xiamen traders 5,130 yuan/tonne, up 10 yuan/tonne; Rizhao traders stop to report). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable, among which main prices in coastal areas stay at 6,160-6,370 yuan/tonne, some down 10-20 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offer 1805-60; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong 1805-150). Supply pressure on soybean oil and palm oil still persist when reserved rapeseed oil auctioned earlier flows into the market, besides, with oil stockpiling already finishing, demand for rapeseed oil will relatively be refrained. And notably, price gap between rapeseed oil and its rivals soybean oil and palm oil still remains large amid no more consumption on rapeseed oil, therefore under such bearish circumstances, rapeseed oil may run weaker following futures around Spring Festival holidays. 

    Daily review on corn: today, domestic corn prices go steady. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,970 yuan/tonne, being flat as compared to yesterday, by contrast, purchasing prices in the northeast stand at 1,626-1,720 yuan/tonne, most being flat over yesterday. While purchasing prices offered at Jinzhou port, Liaoning stand at 1,840 yuan/tonne, being flat against yesterday. Drying new corn of Liaoning and Jilin (moisture ≤ 15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,820-1,830 yuan/tonne, being flat from yesterday. Corn spot prices at Shekou port, Guangdong are mostly unquoted though some are raised to1,950 yuan/tonne before holidays, and 1,970 yuan/tonne after holidays -- no big fluctuations as compared to yesterday's. Corn growers and traders make corn sales to a halt as Chinese holidays are at hand, resulting in gradually dented corn trading in market when stockpiling in downstream comes to an end and some businesses stop purchasing. Generally speaking, corn prices in a short term may probably be stable and vibrate in a tight range instead of suffering from big ups and downs, yet attention should still be paid to related policies and fundamental changes after the holidays. 

    Daily review on sorghum and barley: today, prices for imported sorghum keep firm which settle at 1,890 yuan/tonne at some ports (Tianjin, Nantong and Shanghai stop to report; Guangdong 1,890 yuan/tonne). At the same time, prices for imported barley remain stable, mostly offered 1,810-1,850 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,850 yuan/tonne; Shekou port in Guangdong 1,810 yuan/tonne). Grains market in these days are fueled by rising corn prices at ports. Additionally, a campaign of “anti-dumping and anti-subsidy” has recently been launched by China’s Ministry of Commerce for American sorghum, resulting in market worries about soaring import costs of American sorghum later. Importers are now inclined to hold onto goods in hope for higher prices in case of unavailable supply of lower costs and logistics are suspended one by one on the other hand when holidays are around the corner, in that under such circumstances, sorghum may go strong for the time being. Market players can wait for new information for guidance.